Plain Language Summary
# MEME Act Summary The **Modern Emoluments and Malfeasance Enforcement Act** (HR 1712) would ban top federal officials—including the President, Vice President, Congress members, and senior government executives—from promoting or profiting from certain financial assets like cryptocurrencies, meme coins, stocks, and commodities. The ban would extend to their spouses and dependent children as well. The restrictions would apply during their time in office plus 180 days before and after service.
The bill aims to prevent conflicts of interest where officials could use their public positions to promote assets they personally benefit from. **Who it affects:** The President, Vice President, members of Congress, military admirals and generals, and other high-ranking federal officials, along with their immediate families. **Key provisions:** Officials who violate the ban would face civil and criminal penalties, including being required to give any profits from prohibited transactions to the U.S. Treasury. **Current status:** The bill is currently in committee and has not yet been voted on by the full House of Representatives.
CRS Official Summary
Modern Emoluments and Malfeasance Enforcement Act or the MEME ActThis bill prohibits the President, the Vice President, Members of Congress, those holding Senior Executive Service positions, admirals, generals, and other federal public officials from engaging in or benefiting from the issuance, sponsorship, or promotion of certain assets. The spouse and dependent children of such an official are also covered by the prohibition.Assets covered by the bill are securities, security futures, commodities, digital assets such as cryptocurrency or a meme coin, as well as derivatives, options, warrants, mutual funds, or exchange traded funds of the preceding assets.The prohibition applies to (1) such officials during their term of service and for 180 days prior to and after their service, and (2) the spouse and dependent children of such an official during that same period.Civil and criminal penalties under the bill include disgorging (giving) to the Treasury any profits from prohibited transactions, fines, and imprisonment for up to five years. The bill provides additional penalties for such prohibited activities if they involve bribery or insider trading.The U.S. Office of Special Counsel may also determine that federal employees or officers serving in other positions are covered by the prohibition.
Latest Action
Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on the Judiciary, and House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.